Seniors Filing More Reverse Mortgage Complaints with CFPB

June 7, 2017 Posted by kingcade

Consumers 62 years of age and older face a unique set of financial difficulties- one of their main concerns is servicing issues with reverse mortgages, according to the Monthly Complaint Report released by the Consumer Financial Protection Bureau (CFPB).

“Servicing problems with reverse mortgages,” topped the list of complaints among consumers at least 62 years of age, according to the report.  These problems oftentimes lead to unexpected foreclosure.

The most-cited concerns were “difficulty with changing the loan terms” and “problems communicating with loan servicers.” In addition to mortgage complaints, seniors also reporter difficulty recovering funds after being financially scammed, fees charged for unauthorized add-on products and services, and confusion surrounding deferred-interest and zero-interest credit cards.

CFPB complaints from older consumers were most common in Florida, California, Texas. The three states accounted for nearly 25 percent of all complaints since 2011.

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